Crypto.com blockchain crpo suggests to reintroduce 70 billion cro tokens that were previously burned

This Decision is part of a larger strategy that provides for the creation of a “strategic reserve wallet” for these tokens with the aim of gradually releasing it over five years.

The Crypto.com blockchain proposes to reintroduce 70 billion CRO tokens that were previously burned in 2021, according to a report by The Block. This move would increase the total supply of CRO to 100 billion.

The suggestion is part of a broader plan that includes creating a “strategic reserve wallet” for the tokens and aiming to release them gradually over five years. The tokens would be used for initiatives such as an exchange-traded fund (ETF) for CRO, highlighting the growing institutional interest in the crypto space.

The decision to bring back the burned tokens is linked to the ambitions of Crypto.com. This step is expected to be met with strong counter-reactions from the community.

The original burning in 2021 was a significant event in the industry, reducing the CRO token supply from 100 billion to 30 billion. This move was focused on promoting decentralization and supporting the development of the Cronos mainnet.

However, many critics argue that this proposal could hamper the progress in decentralization and describe it as a setback for the project.

Since its introduction as Monaco Coin (MCO), originally linked to the MCO Visa Card, the CRO token has undergone substantial further development. Following a rebranding in 2021, it became the native token of the Cronos chain, a blockchain developed with the Cosmos SDK.

In addition to the launch of the mainnet, the Cronos developers are also working on a ZKEVM layer 2 solution, enabling integration with Ethereum and further expanding the reach within the crypto ecosystem.